Technical updates on Nifty and Tata Motors

Nifty

In today's trading session Nifty has reached expected target 5830. Since it has reached major resistance level we have booked profit in Nifty fut. If Nifty closes above the trend line then we will consider long position.

Tata Motors

Tata Motors has breached trend line resistance. But in today's trading session unfortunately it didn't gain much momentum. We have initiated long in Tata Motors. Lets see!!

Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	5845
Reversal if closes above	5575

Technical updates on Nifty and Bank Nifty

Nifty daily chart

 

 

 Nifty has continued its uptrend since it has breached 200 DMA. It is likely to reach 5830 in next few trading sessions. 5830 should be the profit booking level. Traders can re enter long if Nifty closes above 5830.

Nifty weekly chart

In the last week Nifty has almost rallied 300 points and  it  reached 50% retracement. Since it has rallied 300 points it might consolidate for a while . But we cannot say that rally is over since RSI is not overbought. If 5830 is breached Nifty might reach 5870-5990 in medium term.

Bank Nifty weekly chart

Bank Nifty has made a rally of whopping 1000 points from the low. It has marginally closed above trend line resistance . Medium term trend reversal will happen of it closes below 11955.

Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	5783
Reversal if closes above	5575

Thought for the day

 

God is merciful to those whom he sees struggling heart and soul for realization. But remain idle without any struggle and you see that his struggle will never come. - Swami Vivekananda 

Technical updates on Bank Nifty and HDFC Bank

Bank Nifty weekly chart

Bank Nifty has breached trend line resistance which is a bullish sign. We have another two trading sessions in this week and if Bank Nifty doesn't sustain above this trend line then we can consider short. If it sustains above this trend line then possible target will be 12200. Medium term trend is up and reversal will be closing below 11650 .

HDFC Bank

HDFC Bank breached trend line resistance at Rs.645 but now uptrend is temporarily halted at another resistance. Supports and resistance will be breached some day but traders should be little bit cautious at these levels as they can cause reversal. Down trend in HDFC Bank will start if it closes below Rs.640.

Nifty medium term trend

Trend	DOWN
Initiation Date	26-02-13
Initiated at	5761
Low since change	5569
Reversal if closes above	5780

Breakout !!

Nifty daily chart

Today Nifty has breached major resistance at 5665 as well as 200 DMA which has changed the short term trend to positive. Nifty will remain in uptrend as long as it is above 5580. 

Nifty medium term trend

Trend	DOWN
Initiation Date	26-02-13
Initiated at	5761
Low since change	5569
Reversal if closes above	5780

Technical updates on Nifty and Bank Nifty

Nifty daily chart

Nifty has continued to trade in a narrow range. In today's trading session it has reached important trend line resistance. So I will not be surprised if Nifty once again falls down in tomorrow trading session. Best thing to do in choppy market is to stay away from index. However traders can consider selected high beta index stocks for trading.

Bank Nifty weekly chart

Bank Nifty has made a sharp bounce back in past  trading sessions. SBI , Axis Bank , PNB etc have performed well. But this bounce back could be a potential trap!!. In daily chart Bank Nifty has breached 200 DMA which is a bullish sign. But look at weekly chart it is nearing important resistance. So long position holders in Banking sector stay alert. 

Nifty medium term trend

Trend	DOWN
Initiation Date	26-02-13
Initiated at	5761
Low since change	5569
Reversal if closes above	5780

Thought for the day

Why are people so afraid ? The answer is that they have made themselves helpless and dependent on others , we are so lazy that we don't want to do anything by ourselves. We want a personal god , or a savior or a prophet to do everything for us - Swami Vivekananda